135 Glen Ave Council Bluffs, IA 51503

Property Details for 135 Glen Ave

Property size

5,106 SF

Property type

Commercial real estate

Description

This 14-unit apartment complex in Council Bluffs, Iowa, presents a compelling investment opportunity. The property boasts 5,106 square feet and offers a strong 9.79% capitalization rate with a Net Operating Income (NOI) of $68,000. The building comprises four levels, each with separate entrances and individual amenities. The first three floors feature a dorm-style layout, each with four individually rentable rooms, a communal kitchen, bathroom, and laundry facilities. The top floor includes a spacious 1,200 sq ft, four-bedroom unit with its own kitchen, bathroom, and laundry. A private studio apartment is also available on the second floor. Each floor has its own electrical system and water heater with separate utility metering, allowing for potential conversion to larger suites. Significant updates have been completed, including a new sprinkler system, plumbing, electrical work, and foundation improvements. The property also includes four garages and off-street parking. The building has undergone recent cosmetic renovations, enhancing its appeal and cash flow potential. This city-certified conversion apartment building is located at 135 Glen Ave, Council Bluffs, IA 51503, and is priced at $695,000 ($136.11/sq ft). An assignable insurance claim is also available.